The United Nations Environment Programme (UNEP) in the fourth week of March 2016 released the Global Trends in Renewable Energy Investment 2016.
The report, which was prepared by the Frankfurt School-UNEP Collaborating Centre for Climate and Sustainable Energy Finance and Bloomberg New Energy Finance, assessed investment trends in the renewable energy sector across the world in 2015.
As per the report, all investments in renewables totalled 286 billion US dollars in 2015, some 3 percent higher than the previous record in 2011.
Coal and gas-fired electricity generation drew less than half the record investment made in solar, wind and other renewables capacity.
The report further revealed that within the developing-economy category, the “big three” of China, India and Brazil saw investment rise 16 percent to 120.2 billion US dollars in 2015.
Highlights of the report
• 2015 produced a new record for global investment in renewable energy. The amount of money committed to renewables excluding large hydro-electric projects rose 5 percent to 285.9 billion US dollars, exceeding the previous record of 278.5 billion US dollars achieved in 2011.
• Global investment in renewable power capacity at 265.8 billion US dollars was more than double dollar allocations to new coal and gas generation, which was an estimated 130 billion US dollars in 2015.
• The huge weight of conventional generation capacity already built meant that new, clean technologies only accounted for just over 10 percent of world electricity in 2015. However, this did prevent the emission of some 1.5 gigatonnes of CO2 in 2015.
• The year 2015 was also notable as the first in which investment in renewables excluding large hydro in developing countries outweighed that in developed economies.
• The developing world including China, India and Brazil committed a total of 156 billion US dollars, up 19 percent on 2014, while developed countries invested 130 billion US dollars, down 8 percent.
• A large element in this turnaround was China, which lifted its investment by 17 percent to 102.9 billion US dollars, or 36 percent of the world total. Next to China, the USA was a distant second, with 44.1 billion US dollars in 2015 or up by 19 percent compared to 2014.
• India saw its commitments rise 22 percent to 10.2 billion US dollars in 2015.
• Renewable generation costs continue to fall, particularly in solar photovoltaics. In the second half of 2015, the global average levelised cost of electricity for crystalline silicon PV was 122 US dollar per MWh, down from 143 US dollar in the same period in 2014.
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What: Released by UNEP